Life insurance is one of the most important investments you’ll ever make — it protects loved ones from financial hardship when you pass away. Unfortunately, it’s also subject to a wide range of myths and misconceptions, some of which could keep you from getting the coverage you need. Below are some of the most common misunderstandings you might have heard about life insurance.

The Facts Behind 3 Life Insurance Myths

1. Young People Don’t Need Life Insurance

If you’re unmarried and don’t have kids, you don’t think anyone would be financially affected by your death. However, even a modest funeral and cremation can easily cost thousands of dollars, which is money most families don’t have lying around. No matter your age or how many people rely on you for financial support carry at least enough coverage to pay for burial expenses.

2. Stay-At-Home Parents Don’t Need Life Insurance

While you may not bring home a paycheck, stay-at-home parents provide vital services to their families. If you passed away, would your spouse be able to cover child care expenses, housekeeping costs, and everything else you do? Life insurance will spare them the stress of trying to handle everything themselves while grieving your loss.

3. My Employer Provides Sufficient Coverage

It’s true that employer-provided life insurance is a popular benefit, and it may provide some resources to those you leave behind. But are the benefits enough to keep your family going? Most employer-provided policies only match a year or two of your income, which may not be enough to provide long-term care for your loved ones. Even worse, this coverage will disappear if you change jobs, potentially leaving your family without protection.
 

Choosing a life insurance policy is a major decision, which is why families throughout Monroe County, IL, have trusted Taake Insurance Agency LTD for over 40 years. They work with a wide range of industry-leading carriers and will take the time to evaluate your needs, walk you through the options, and select a tailored policy. To learn more about their life insurance services and to request a quote, visit their website now or call (618) 281-7656.